Last edited by Kigajinn
Tuesday, May 5, 2020 | History

3 edition of Tax and estate planning with closely held corporations found in the catalog.

Tax and estate planning with closely held corporations

Waldo G. Rothenberg

Tax and estate planning with closely held corporations

by Waldo G. Rothenberg

  • 61 Want to read
  • 8 Currently reading

Published by Lawyers Co-Operative Pub. Co., Bancroft-Whitney Co. in Rochester, N.Y, San Francisco, Calif .
Written in English

    Places:
  • United States.
    • Subjects:
    • Close corporations -- Taxation -- United States.

    • Edition Notes

      StatementWaldo G. Rothenberg.
      SeriesCorporation law library
      Classifications
      LC ClassificationsKF6484 .R68
      The Physical Object
      Paginationxxiii, 688 p. ;
      Number of Pages688
      ID Numbers
      Open LibraryOL3792219M
      LC Control Number81080043

      When Estate Planning and Tax Planning Collide Jan 8th, There is no doubt that estate tax planners were giddy when the estate tax exemption was raised to $ million.   S corporation shareholders must be careful not to inadvertently terminate their closely held company’s S election when engaging in estate planning. Closely-held entities, which choose not to be formed as a partnership or limited liability corporation, often elect to be taxed as an S corporation under the Internal Revenue Code to avoid the.

      Bloomberg Tax Portfolio, Estate Planning for Corporate Executives, No. , deals with typical problems arising in wealth transfer planning for corporate executives. A lack of liquidity and concentration of investments in the employer’s stock (particularly if the employer is a closely held corporation) may present special planning and. ship interests in closely held companies for gift tax or estate tax planning purposes. Sometimes, the company that is the valuation subject is capitalized with two kinds of equity: 1. Equity that has the right to vote 2. Equity that has a relatively limited right (or no right) to File Size: KB.

      Tax Management Real Estate Journal (May ) Author, Closely Held Companies: Now Might be the Best Time to Convert to Tax Partnership Status, Journal of Taxation (Oct. ) Author, The Sliver Investor: May We Disregard You for Tax Purposes?, Tax Management Real Estate .   With the passage of Public Law no. , commonly referred to as the Tax Cuts and Jobs Act of (the Tax Act), attorneys in Perkins Coie’s Trust & Estate Planning practice, along with our clients running closely held businesses, have already begun reviewing and implementing tax-efficient strategies.


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Tax and estate planning with closely held corporations by Waldo G. Rothenberg Download PDF EPUB FB2

Closely Held Businesses in Estate Planning provides exhaustive coverage of the gratuitous transfer tax system, inter vivos gifting strategies, valuations freezes, intra-family sales, buy-sell agreements, the marital deduction, planning strategies for retirement income distributions, and valuation of closely held business interests.

COVID Resources. Reliable information about the coronavirus (COVID) is available from the World Health Organization (current situation, international travel).Numerous and frequently-updated resource results are available from this ’s WebJunction has pulled together information and resources to assist library staff as they consider how to handle coronavirus.

Based on the lifecycle of forming, operating, and disposing of a closely held corporation, PPC's Tax Planning Guide - Closely Held Corporations   addresses the issues that are encountered when responding to client questions or planning transactions, from forming and operating the corporation to planning a tax-favored reorganization or liquidation.

"Prepared for distribution at the Tax planning for the closely held corporation program, July-September " Description: pages (pages blank) ; 22 cm. a closely held business out of 1, returns filed or approximately 50 percent of the estate tax returns for estates greater than $20 million listed as an asset stock in a closely held business) than smaller estates.

In addition, the Report showed that the closely held stock was approximately nine percent of the gross estate for all estates,Author: Dennis I. Belcher, William I. Sanderson. Such estate and gift planning can be complex, but with the assistance of the owner's estate and tax attorneys and tax accountant, the appropriate planning tools can be developed and implemented.

The tax savings can be dramatic and the resulting plan will be manageable for the owner and the transferees of the business. The valuation of closely held companies is a large and growing practice.

However, most people are not aware of this valuation activity since the companies being valued are closely held and, thus, private in nature. Those who own shares of closely held corporations should consult a financial planner with expertise in the tax and estate ramifications that come with this.

Over the last thirty years, I have reviewed the income tax returns of many closely held corporations and partnerships. Quite often, on Schedule L (the balance sheet), I will see an entry for “other assets” or “other liabilities,” which are described on the attached explanatory statement as loans to or from affiliates, as the case may be.

I then ask a series of questions: did the board. This case study has been adapted from PPC's Tax Planning Guide—Closely Held Corporations, 27th Edition, by Albert L.

Grasso, R. Barry Johnson, and Lewis A. Siegel, published by Thomson Reuters/Tax & Accounting, Carrollton, Texas, (; ). Family Limited Partnerships (FLPs) And Limited Liability Companies (LLCs) An effective estate planning device for closely held businesses is the FLP.

A general partner and limited partners form the limited partnership. Typically, a senior generation family. PPC's Tax Planning Guide — S Corporations explains the tax consequences of electing and maintaining S status, operating the S corporation, and terminating the S election.

It covers other tax issues, too, such as reorganizing the corporation, maintaining a QSub subsidiary, redeeming S stock, or liquidating the S corporation. Steve Feinour represents large and small companies, non-profit organizations and individuals in business, real estate, estate planning and administration, and litigation matters.

He has considerable experience with business planning, acquisitions and sales for closely held businesses including succession planning as well as wealth and asset. The Tax Implications of a Closely Held Corporation J Article, Asset Protection Planning One of the first steps in starting your own business is determining the type of business entity you intend to create.

Income Tax Issues When Planning for the Sale of a Closely Held Business The Wealth Counselor, Volume 7, Issue 9 When a closely held business is a significant part of a client’s estate, as is often the case, business succession planning becomes an important part of the client’s estate planning.

With no tax planning, total tax could result in a whopping 74% (see Table 4). Mack’s value has been taxed twice: once at capital gain rates arising from the deemed disposition of the shares reported on the terminal return, and again at the higher non-eligible dividend rate upon company windup taxable to the : Rebecca Cicco.

include gift tax, estate tax, generation-skipping transfer tax, and income tax. in most comprehensive business valuation text-books. In addition, consideration of the asset-based closely held companies, professional practices, and business Size: KB.

The Heckerling Institute focuses on succession planning, estate planning and retirement planning. Between C corporations and partnerships, C corporations allow two or more classes of stock, and risk will be limited to a contribution to the partnership.

Accessible to practitioners with varying degrees of experience in the subject, An Estate Planner's Guide to Buy-Sell Agreements for the Closely Held Business provides guidance for assisting owners of a closely held business in structuring arrangements to deal with the withdrawal of an owner from the ownership of the business.

The book explains the important differences to consider when drafting an agreement for. generation. Thus, traditional estate planning is designed to shelter the closely-held business from inclusion the gross estate. If there is no inclusion in the gross estate, there is no income tax-free, step-up in basis at death.

The estate planning focus frequently results in the failure to also consider income tax Size: KB. Intotal wages paid to C-corporation officers was $ billion, and a majority of that compensation was paid to the owner-managers of small, closely held C-corporations Author: Adam Looney.Estate planning for closely held business interests is trickier than you might think By Keith Grissom on Septem at PM The first step in a well-developed estate plan is to have a solid foundation with documents in place — including, for example, a revocable trust, pour-over will, powers of attorney and medical directive.Estate planning for S shareholders.

by Keiser, Laurence. Abstract- Election of the S status can help a corporation lessen its tax liability by having its income taxed at the individual level rather than at the more costly corporate downside of the S status is that it creates serious estate planning problems for S corporation shareholders, particularly in the areas of succession.